But as Alibaba Group prepares to sell its stock to the public for the first time, in one of the biggest and most eagerly anticipated initial public offerings in years, Goldman Sachs will not be among the investors standing to make mind-bending sums.

It sold all of its stake in Alibaba by early 2004 — for $22m, or nearly seven times its original investment. In comparison, some of the early investors who bought out Goldman Sachs’s stake have since made as much as 30 times their original investments as the company’s value has ballooned exponentially.

For venture capitalists who make early calls on risky bets, it is all part of the game: You win some, you (comparatively) lose some. And in its defence, one former Goldman Sachs employee said, the bank still made a profit on its investment. It is also among six banks that are underwriting the I.P.O.

Ian Bolland

A journalism graduate of Liverpool John Moores University. During his time at university, Ian spent time on work experience at local newspapers in Liverpool, Bolton and Wigan, and prior to that he did work for The Observer's 'fans verdict'. Ian also has interests in news, current affairs and business but mostly sport, including football, rugby league, cricket, golf and Formula 1, amongst others.